Kraken Parent Payward Teams Up with Singapore Gulf Bank for Real-Time Settlement

Payward, the parent company of global cryptocurrency exchange Kraken, has forged a strategic partnership with Singapore Gulf Bank to provide 24/7 real-time settlement services for institutional investors in Asia and the Gulf region.

The partnership will allow institutional clients in some countries across Asia and the Gulf region to access instant settlement around the clock, initially supporting U.S. dollar transactions for a select group of clients.

SGB Net, SGB's real-time multicurrency clearing network, has been integrated into Payward's system, and the two companies plan to gradually expand both the client base and the currencies supported.

SGB will also connect to Kraken Prime, Payward's service for institutional investors, giving SGB access to digital-asset liquidity and allowing it to use Kraken's infrastructure for functions including trade pricing for its clients.

The partnership aims to connect traditional finance's multicurrency settlement network with digital-asset trading infrastructure, improving institutional clients' access to fund settlement and digital-asset trading.